Exhibit 99.1
| Unity Bancorp, Inc. |
| 64 Old Highway 22 |
| Clinton, NJ 08809 |
| 800 618-BANK |
| www.unitybank.com |
NewsNewsNewsNewsNews
For Immediate Release:
October 19, 2005
News Media & Financial Analyst Contact:
Alan Bedner, EVP
Chief Financial Officer
(908) 713-4308
Unity Bancorp Reports 13.1% increase in Third Quarter Earnings
Clinton, NJ - Unity Bancorp, Inc (NASDAQ: UNTY), parent company of Unity Bank, reported net income of $1.6 million, or $0.25 per diluted share, for the quarter ended September 30, 2005, a 13.1% increase compared to net income of $1.4 million, or $0.22 per diluted share, for the quarter ended September 30, 2004. Return on average assets and average common equity for the third quarter of 2005 were 1.09% and 16.36%, respectively, as compared to 1.17% and 17.39%, respectively, for the third quarter of 2004. All share amounts have been restated to include the effect of the 5% stock dividend paid on June 30, 2005.
For the nine months ended September 30, 2005, net income was $4.5 million, or $0.69 per diluted share, a 12.2% increase from net income of $4.0 million, or $0.62 per diluted share for the same period a year ago. Return on average assets and average common equity for the nine months ended September 30, 2005, were 1.08% and 15.82%, respectively, as compared to 1.11% and 16.61%, respectively, from the prior year period.
“The third quarter was marked by strong loan and deposit growth and stable margins, which resulted in record earnings,” said Unity President and Chief Executive Officer, James A. Hughes. “We are extremely pleased with our year to date results and continue to remain optimistic about future earnings growth.”
Net interest income was $5.7 million for the third quarter of 2005, a 15.2% increase compared to a year ago. The increase in net interest income was primarily due to an increase in interest-earning assets offset by a slight decline in net interest margin. Net interest margin was 4.12% for the third quarter of 2005, compared to 4.30% for the third quarter of 2004.
The provision for loan losses for the third quarter of 2005 was $675 thousand, compared to $325 thousand for the quarter ended September 30, 2004. The increase in the provision was due to the increase in the loan portfolio and non-performing loans. Net loan charge-offs for the quarter
ended September 30, 2005 were $356 thousand, compared to net-charge offs of $198 thousand for the quarter ended September 30, 2004.
Total non-interest income for the third quarter of 2005 was $2.1 million, up 7.4% from the same period a year ago. Service charges on deposits for the third quarter of 2005 increased 18.0% compared to the third quarter of 2004 due to an increase in overdraft charges. Service and loan fees for the third quarter of 2005 were flat from a year ago. Gains on sales of SBA loans amounted to $877 thousand for the third quarter of 2005, compared to $948 thousand for the quarter ended September 30, 2004. Other income for the third quarter of 2005 was flat from the same period a year ago.
Total non-interest expenses for the third quarter of 2005 were $4.6 million, an increase of 5.2% from the prior year’s comparable quarter. The increase from the prior year’s comparable quarter was primarily due to increases in compensation and benefits, processing and communications, furniture and equipment and advertising expenses. Compensation and benefits increased 21.0%, due to increased head count, merit increases and rising health insurance costs. Processing and communications increased 11.3% due to increased transactional volume. Furniture and equipment increased 8.8%,compared to the third quarter of 2004, due to software maintenance for systems upgrades and the refurbishment of the branch network. Advertising increased 31.3%, compared to the third quarter of 2004 due to increased direct mail marketing expense to attract new deposit relationships. Other expenses decreased 44.4% primarily due to a $275 thousand expense in September of 2004 to settle a lawsuit.
Total assets at September 30, 2005 were $609.9 million, a 23.5% increase from a year ago. The increase in assets from the prior year was primarily due to growth in the Company’s loan portfolio and Federal Funds Sold. Total loans at September 30, 2005 were $434.7 million, a 22.7% increase from September 30, 2004. The growth in the loan portfolio occurred in all areas of lending. Commercial loans increased $42.0 million, or 20.9% from the third quarter of 2004. SBA loans increased $18.2 million, or 29.2% from the third quarter of 2004. Residential mortgage loans increased $13.3 million, or 26.4% from the third quarter of 2004. Consumer loans increased $7.1 million, or 17.4% from the third quarter of 2004.
“In the fourth quarter we will be closing on our Phillipsburg New Jersey location, which we are purchasing from interState Net Bank and for which we have received regulatory approval. We are also in the process of building our Middlesex and Washington New Jersey locations,” said Mr. Hughes. “We are pleased to successfully move forward with our targeted branch expansion plans of one to three branches per year and look forward to providing increased convenience to our existing clients.”
At September 30, 2005, the allowance for loan losses was $6.6 million, or 1.51% of total loans, compared to 1.62% a year ago. Non-performing assets at September 30, 2005 were $5.7 million up $1.4 million from a year ago. The increase in non-performing assets is due to a defaulted $1.6 million residential mortgage. There were no loans greater than 90 days and still accruing as of September 30, 2005, compared to $82 thousand a year ago.
Total deposits at September 30, 2005 were $518.7 million, a 22.4% increase from September 30, 2004. This increase was primarily the result of growth in savings accounts and time deposits, partially offset by the decline in interest bearing checking accounts and demand deposits. Savings accounts increased $101.7 million, or 193.6% from September 30, 2004. Time deposits increased $42.4 million, or 41.8% from September 30, 2004. The increase in savings and time deposits is related to new account relationships from direct mail marketing efforts.
Total shareholders’ equity was $39.5 million at September 30, 2005, a 14.9% increase from the prior year. The increase in shareholders’ equity was primarily due to retained profits partially offset by the payment of cash dividends and a decline in other comprehensive income.
As of September 30, 2005, the Company’s Tier I leverage ratio was 8.55%, Tier I risk-based capital ratio was 10.40%, and total risk-based capital ratio was 11.65%. All regulatory capital ratios exceed the well-capitalized federal capital adequacy requirements as of September 30, 2005.
Unity Bancorp, Inc. is a financial service organization headquartered in Clinton, New Jersey, with $609.9 million in assets and $518.7 million in deposits. Unity Bank provides financial services to retail, corporate & small business customers through its 13 retail service centers located in Hunterdon, Middlesex, Somerset and Union counties in New Jersey. For additional information about Unity visit our website at www.unitybank.com or call 800 618-BANK.
This news release contains certain forward-looking statements, either expressed or implied, which are provided to assist the reader in understanding anticipated future financial performance. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond the company’s control and could impede its ability to achieve these goals. These factors include general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, and results of regulatory exams, among other factors.
Unity Bancorp, Inc.
Consolidated Financial Highlights
(Dollars in thousands, except per share data)
|
| 9/30/2005 |
| 6/30/2005 |
| 9/30/2004 |
| |||
BALANCE SHEET DATA: |
|
|
|
|
|
|
| |||
Assets |
| $ | 609,916 |
| $ | 577,507 |
| $ | 493,713 |
|
Deposits |
| 518,696 |
| 477,274 |
| 423,765 |
| |||
Loans |
| 434,749 |
| 410,926 |
| 354,190 |
| |||
Securities |
| 103,012 |
| 113,774 |
| 107,815 |
| |||
Shareholders’ equity |
| 39,526 |
| 38,411 |
| 34,395 |
| |||
Allowance for loan losses |
| 6,558 |
| 6,239 |
| 5,726 |
| |||
|
|
|
|
|
|
|
| |||
FINANCIAL DATA - QUARTER TO DATE: |
|
|
|
|
|
|
| |||
Net income before taxes |
| $ | 2,612 |
| $ | 2,468 |
| $ | 2,283 |
|
Federal and state income tax provision |
| 993 |
| 941 |
| 852 |
| |||
Net income |
| $ | 1,619 |
| $ | 1,527 |
| $ | 1,431 |
|
|
|
|
|
|
|
|
| |||
Per share-basic |
| $ | 0.26 |
| $ | 0.25 |
| $ | 0.24 |
|
Per share-diluted |
| 0.25 |
| 0.24 |
| 0.22 |
| |||
Return on average assets |
| 1.09 | % | 1.13 | % | 1.17 | % | |||
Return on average common equity |
| 16.36 |
| 16.50 |
| 17.39 |
| |||
Efficiency ratio |
| 58.17 |
| 62.43 |
| 62.55 |
| |||
|
|
|
|
|
|
|
| |||
FINANCIAL DATA - YEAR TO DATE: |
|
|
|
|
|
|
| |||
Net income before taxes |
| $ | 7,188 |
| $ | — |
| $ | 6,249 |
|
Federal and state income tax provision |
| 2,732 |
| — |
| 2,277 |
| |||
Net income |
| $ | 4,456 |
| $ | — |
| $ | 3,972 |
|
|
|
|
|
|
|
|
| |||
Per share-basic |
| $ | 0.73 |
| $ | — |
| $ | 0.66 |
|
Per share-diluted |
| 0.69 |
| — |
| 0.62 |
| |||
Return on average assets |
| 1.08 | % | — | % | 1.11 | % | |||
Return on average common equity |
| 15.82 |
| — |
| 16.61 |
| |||
Efficiency ratio |
| 62.16 |
| — |
| 64.60 |
| |||
|
|
|
|
|
|
|
| |||
SHARE INFORMATION: |
|
|
|
|
|
|
| |||
Closing price per share |
| $ | 13.09 |
| $ | 11.96 |
| $ | 11.76 |
|
Cash dividends declared |
| 0.05 |
| 0.05 |
| 0.04 |
| |||
Book value per share |
| 6.46 |
| 6.29 |
| 5.68 |
| |||
Average diluted shares outstanding (QTD) |
| 6,426 |
| 6,423 |
| 6,432 |
| |||
|
|
|
|
|
|
|
| |||
CAPITAL RATIOS: |
|
|
|
|
|
|
| |||
Total equity to total assets |
| 6.48 | % | 6.65 | % | 6.97 | % | |||
Tier I capital to average assets (leverage) |
| 8.55 |
| 8.67 |
| 9.04 |
| |||
Tier I capital to risk-adjusted assets |
| 10.40 |
| 10.65 |
| 11.44 |
| |||
Total risk-based capital |
| 11.65 |
| 11.91 |
| 12.69 |
| |||
|
|
|
|
|
|
|
| |||
CREDIT QUALITY AND RATIOS: |
|
|
|
|
|
|
| |||
Nonperforming assets |
| $ | 5,733 |
| $ | 4,777 |
| $ | 4,290 |
|
Net charge offs to average loans (QTD) |
| 0.33 | % | 0.05 | % | 0.23 | % | |||
Allowance for loan losses to total loans |
| 1.51 |
| 1.52 |
| 1.62 |
| |||
Nonperforming assets to total loans and OREO |
| 1.32 |
| 1.16 |
| 1.21 |
| |||
Unity Bancorp, Inc.
Consolidated Balance Sheets
(In thousands)
|
| 9/30/2005 |
| 6/30/2005 |
| 9/30/2004 |
| |||
ASSETS |
|
|
|
|
|
|
| |||
Cash and due from banks |
| $ | 11,675 |
| $ | 11,284 |
| $ | 9,312 |
|
Federal funds sold and interest bearing deposits |
| 41,947 |
| 23,336 |
| 11,361 |
| |||
Securities: |
|
|
|
|
|
|
| |||
Available for sale |
| 69,248 |
| 78,139 |
| 86,082 |
| |||
Held to maturity |
| 33,764 |
| 35,635 |
| 21,733 |
| |||
Total securities |
| 103,012 |
| 113,774 |
| 107,815 |
| |||
Loans: |
|
|
|
|
|
|
| |||
SBA - Held for sale |
| 14,832 |
| 13,880 |
| 10,439 |
| |||
SBA - Held to Maturity |
| 65,858 |
| 57,315 |
| 52,008 |
| |||
Commercial |
| 242,728 |
| 229,860 |
| 200,772 |
| |||
Residential mortgage |
| 63,474 |
| 63,775 |
| 50,203 |
| |||
Consumer |
| 47,857 |
| 46,096 |
| 40,768 |
| |||
Total loans |
| 434,749 |
| 410,926 |
| 354,190 |
| |||
Less: Allowance for loan losses |
| 6,558 |
| 6,239 |
| 5,726 |
| |||
Net loans |
| 428,191 |
| 404,687 |
| 348,464 |
| |||
Premises and equipment, net |
| 10,555 |
| 10,208 |
| 6,978 |
| |||
Accrued interest receivable |
| 2,932 |
| 2,747 |
| 2,390 |
| |||
Loan servicing asset |
| 2,288 |
| 2,177 |
| 1,846 |
| |||
Bank Owned Life Insurance |
| 5,140 |
| 5,093 |
| — |
| |||
Other assets |
| 4,176 |
| 4,201 |
| 5,547 |
| |||
Total Assets |
| $ | 609,916 |
| $ | 577,507 |
| $ | 493,713 |
|
|
|
|
|
|
|
|
| |||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
| |||
Deposits: |
|
|
|
|
|
|
| |||
Noninterest-bearing demand deposits |
| $ | 81,114 |
| $ | 79,830 |
| $ | 88,899 |
|
Interest-bearing deposits: |
|
|
|
|
|
|
| |||
Interest bearing checking |
| 139,544 |
| 147,315 |
| 180,878 |
| |||
Savings |
| 154,224 |
| 149,348 |
| 52,532 |
| |||
Time, under $100,000 |
| 93,565 |
| 72,655 |
| 69,904 |
| |||
Time, $100,000 and over |
| 50,249 |
| 28,126 |
| 31,552 |
| |||
Total deposits |
| 518,696 |
| 477,274 |
| 423,765 |
| |||
Borrowed funds and subordinated debentures |
| 49,279 |
| 59,279 |
| 34,279 |
| |||
Accrued interest payable |
| 249 |
| 249 |
| 165 |
| |||
Accrued expenses and other liabilities |
| 2,166 |
| 2,294 |
| 1,109 |
| |||
Total liabilities |
| 570,390 |
| 539,096 |
| 459,318 |
| |||
Commitments and Contingencies |
| — |
| — |
| — |
| |||
|
|
|
|
|
|
|
| |||
Shareholders’ equity: |
|
|
|
|
|
|
| |||
Common stock, no par value, 12,500 shares authorized |
| 38,078 |
| 37,988 |
| 33,711 |
| |||
Retained earnings |
| 2,454 |
| 1,155 |
| 1,200 |
| |||
Treasury stock at cost |
| (242 | ) | (242 | ) | — |
| |||
Accumulated other comprehensive loss, net of tax |
| (764 | ) | (490 | ) | (516 | ) | |||
Total shareholders’ equity |
| 39,526 |
| 38,411 |
| 34,395 |
| |||
Total Liabilities and Shareholders’ Equity |
| $ | 609,916 |
| $ | 577,507 |
| $ | 493,713 |
|
|
|
|
|
|
|
|
| |||
COMMON SHARES AT PERIOD END: |
|
|
|
|
|
|
| |||
Issued |
| 6,136 |
| 6,129 |
| 6,060 |
| |||
Outstanding |
| 6,114 |
| 6,107 |
| 6,060 |
| |||
Treasury |
| 22 |
| 22 |
| — |
| |||
Unity Bancorp, Inc.
Consolidated Statements of Income
(In thousands, except per share data)
FOR THE THREE MONTHS ENDED: |
| 9/30/2005 |
| 6/30/2005 |
| 9/30/2004 |
| |||
INTEREST INCOME |
|
|
|
|
|
|
| |||
Fed funds sold and interest on deposits |
| $ | 108 |
| $ | 117 |
| $ | 28 |
|
Securities: |
|
|
|
|
|
|
| |||
Available for sale |
| 782 |
| 809 |
| 882 |
| |||
Held to maturity |
| 411 |
| 348 |
| 265 |
| |||
Total securities |
| 1,193 |
| 1,157 |
| 1,147 |
| |||
Loans: |
|
|
|
|
|
|
| |||
SBA |
| 1,784 |
| 1,448 |
| 1,121 |
| |||
Commercial |
| 4,215 |
| 3,764 |
| 3,294 |
| |||
Residential mortgage |
| 895 |
| 805 |
| 668 |
| |||
Consumer |
| 690 |
| 652 |
| 464 |
| |||
Total loan interest income |
| 7,584 |
| 6,669 |
| 5,547 |
| |||
Total interest income |
| 8,885 |
| 7,943 |
| 6,722 |
| |||
INTEREST EXPENSE |
|
|
|
|
|
|
| |||
Interest bearing demand deposits |
| 655 |
| 635 |
| 682 |
| |||
Savings deposits |
| 971 |
| 781 |
| 135 |
| |||
Time deposits |
| 982 |
| 764 |
| 602 |
| |||
Borrowed funds and subordinated debentures |
| 540 |
| 498 |
| 324 |
| |||
Total interest expense |
| 3,148 |
| 2,678 |
| 1,743 |
| |||
Net interest income |
| 5,737 |
| 5,265 |
| 4,979 |
| |||
Provision for loan losses |
| 675 |
| 350 |
| 325 |
| |||
Net interest income after provision for loan losses |
| 5,062 |
| 4,915 |
| 4,654 |
| |||
NONINTEREST INCOME |
|
|
| �� |
|
|
| |||
Service charges on deposit accounts |
| 452 |
| 439 |
| 383 |
| |||
Service and loan fee income |
| 473 |
| 630 |
| 448 |
| |||
Gain on SBA loan sales |
| 877 |
| 741 |
| 948 |
| |||
Gain on Mortgage loan sales |
| 133 |
| 54 |
| 34 |
| |||
Bank owned life insurance |
| 47 |
| 46 |
| — |
| |||
Net securities gains |
| (8 | ) | 24 |
| — |
| |||
Other income |
| 158 |
| 261 |
| 172 |
| |||
Total noninterest income |
| 2,132 |
| 2,195 |
| 1,985 |
| |||
NONINTEREST EXPENSES |
|
|
|
|
|
|
| |||
Compensation and benefits |
| 2,367 |
| 2,314 |
| 1,956 |
| |||
Processing and communications |
| 541 |
| 489 |
| 486 |
| |||
Occupancy, net |
| 555 |
| 501 |
| 533 |
| |||
Furniture and equipment |
| 335 |
| 327 |
| 308 |
| |||
Professional fees |
| 138 |
| 194 |
| 125 |
| |||
Loan servicing costs |
| 105 |
| 169 |
| 169 |
| |||
Advertising |
| 176 |
| 187 |
| 134 |
| |||
Deposit insurance |
| 15 |
| 15 |
| 15 |
| |||
Other |
| 350 |
| 446 |
| 630 |
| |||
Total noninterest expenses |
| 4,582 |
| 4,642 |
| 4,356 |
| |||
Income before taxes |
| 2,612 |
| 2,468 |
| 2,283 |
| |||
Federal and state income tax provision |
| 993 |
| 941 |
| 852 |
| |||
Net Income |
| $ | 1,619 |
| $ | 1,527 |
| $ | 1,431 |
|
|
|
|
|
|
|
|
| |||
Net Income Per Common Share-Basic |
| $ | 0.26 |
| $ | 0.25 |
| $ | 0.24 |
|
Net Income Per Common Share-Diluted |
| $ | 0.25 |
| $ | 0.24 |
| $ | 0.22 |
|
|
|
|
|
|
|
|
| |||
AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
|
|
| |||
Basic |
| 6,112 |
| 6,109 |
| 6,049 |
| |||
Diluted |
| 6,426 |
| 6,423 |
| 6,432 |
| |||
Unity Bancorp, Inc.
Consolidated Statements of Income
(Dollars in thousands, except per share data)
YEAR TO DATE |
| 9/30/2005 |
| 9/30/2004 |
| ||
INTEREST INCOME |
|
|
|
|
| ||
Fed funds sold and interest on deposits |
| $ | 287 |
| $ | 147 |
|
Securities: |
|
|
|
|
| ||
Available for sale |
| 2,387 |
| 2,472 |
| ||
Held to maturity |
| 1,033 |
| 598 |
| ||
Total securities |
| 3,420 |
| 3,070 |
| ||
Loans: |
|
|
|
|
| ||
SBA |
| 4,591 |
| 3,087 |
| ||
Commercial |
| 11,617 |
| 9,470 |
| ||
Residential mortgage |
| 2,502 |
| 2,014 |
| ||
Consumer |
| 1,934 |
| 1,348 |
| ||
Total loan interest income |
| 20,644 |
| 15,919 |
| ||
Total interest income |
| 24,351 |
| 19,136 |
| ||
INTEREST EXPENSE |
|
|
|
|
| ||
Interest bearing demand deposits |
| 1,901 |
| 1,996 |
| ||
Savings deposits |
| 2,212 |
| 360 |
| ||
Time deposits |
| 2,509 |
| 1,810 |
| ||
Borrowed funds and subordinated debentures |
| 1,462 |
| 879 |
| ||
Total interest expense |
| 8,084 |
| 5,045 |
| ||
Net interest income |
| 16,267 |
| 14,091 |
| ||
Provision for loan losses |
| 1,325 |
| 825 |
| ||
Net interest income after provision for loan losses |
| 14,942 |
| 13,266 |
| ||
NONINTEREST INCOME |
|
|
|
|
| ||
Service charges on deposit accounts |
| 1,321 |
| 1,272 |
| ||
Service and loan fee income |
| 1,639 |
| 1,429 |
| ||
Gain on SBA loan sales |
| 2,078 |
| 2,355 |
| ||
Gain on Mortgage loan sales |
| 279 |
| 148 |
| ||
Bank owned life insurance |
| 140 |
| — |
| ||
Net securities gains |
| 69 |
| 71 |
| ||
Other income |
| 592 |
| 486 |
| ||
Total noninterest income |
| 6,118 |
| 5,761 |
| ||
NONINTEREST EXPENSES |
|
|
|
|
| ||
Compensation and benefits |
| 7,078 |
| 6,255 |
| ||
Processing and communications |
| 1,496 |
| 1,435 |
| ||
Occupancy, net |
| 1,649 |
| 1,573 |
| ||
Furniture and equipment |
| 991 |
| 829 |
| ||
Professional fees |
| 441 |
| 517 |
| ||
Loan servicing costs |
| 451 |
| 505 |
| ||
Advertising |
| 548 |
| 389 |
| ||
Deposit insurance |
| 45 |
| 46 |
| ||
Other |
| 1,173 |
| 1,229 |
| ||
Total noninterest expenses |
| 13,872 |
| 12,778 |
| ||
Income before taxes |
| 7,188 |
| 6,249 |
| ||
Federal and state income tax provision |
| 2,732 |
| 2,277 |
| ||
Net Income |
| $ | 4,456 |
| $ | 3,972 |
|
|
|
|
|
|
| ||
Net Income Per Common Share-Basic |
| $ | 0.73 |
| $ | 0.66 |
|
Net Income Per Common Share-Diluted |
| $ | 0.69 |
| $ | 0.62 |
|
|
|
|
|
|
| ||
Average common shares outstanding: |
|
|
|
|
| ||
Basic |
| 6,100 |
| 6,036 |
| ||
Diluted |
| 6,424 |
| 6,420 |
| ||
Consolidated Average Balance Sheets
with Resultant Interest and Rates
(Tax-equivalent basis, dollars in thousands)
|
| Three Months Ended |
| Three Months Ended |
| ||||||||||||
ASSETS |
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|
| ||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Federal funds sold and Interest-bearing deposits with banks |
| $ | 14,465 |
| $ | 108 |
| 2.96 | % | $ | 16,716 |
| $ | 117 |
| 2.81 | % |
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Available for sale |
| 74,803 |
| 795 |
| 4.25 |
| 77,646 |
| 822 |
| 4.23 |
| ||||
Held to maturity |
| 35,274 |
| 411 |
| 4.66 |
| 29,124 |
| 348 |
| 4.78 |
| ||||
Total securities |
| 110,077 |
| 1,206 |
| 4.38 |
| 106,770 |
| 1,170 |
| 4.38 |
| ||||
Loans, net of unearned discount: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
SBA |
| 79,540 |
| 1,784 |
| 8.97 |
| 68,511 |
| 1,448 |
| 8.45 |
| ||||
Commercial |
| 240,382 |
| 4,215 |
| 6.96 |
| 215,985 |
| 3,764 |
| 6.99 |
| ||||
Residential mortgage |
| 65,048 |
| 895 |
| 5.50 |
| 60,136 |
| 805 |
| 5.35 |
| ||||
Consumer |
| 48,305 |
| 690 |
| 5.67 |
| 44,493 |
| 652 |
| 5.88 |
| ||||
Total loans |
| 433,275 |
| 7,584 |
| 6.97 |
| 389,125 |
| 6,669 |
| 6.87 |
| ||||
Total interest-earning assets |
| 557,817 |
| 8,898 |
| 6.35 |
| 512,611 |
| 7,956 |
| 6.22 |
| ||||
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Cash and due from banks |
| 13,623 |
|
|
|
|
| 13,590 |
|
|
|
|
| ||||
Allowance for loan losses |
| (6,575 | ) |
|
|
|
| (6,085 | ) |
|
|
|
| ||||
Other assets |
| 25,701 |
|
|
|
|
| 20,263 |
|
|
|
|
| ||||
Total noninterest-earning assets |
| 32,749 |
|
|
|
|
| 27,768 |
|
|
|
|
| ||||
Total Assets |
| $ | 590,566 |
|
|
|
|
| 540,379 |
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-bearing demand deposits |
|
| 147,124 |
|
| 655 |
| 1.77 |
| $ | 156,186 |
|
| 635 |
| 1.63 |
|
Savings deposits |
| 153,640 |
| 971 |
| 2.51 |
| 119,325 |
| 781 |
| 2.63 |
| ||||
Time deposits |
| 117,185 |
| 982 |
| 3.32 |
| 103,674 |
| 764 |
| 2.96 |
| ||||
Total interest-bearing deposits |
| 417,949 |
| 2,608 |
| 2.48 |
| 379,185 |
| 2,180 |
| 2.31 |
| ||||
Borrowed funds and subordinated debentures |
| 50,862 |
| 540 |
| 4.21 |
| 44,033 |
| 498 |
| 4.54 |
| ||||
Total interest-bearing liabilities |
| 468,811 |
| 3,148 |
| 2.66 |
| 423,218 |
| 2,678 |
| 2.54 |
| ||||
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Demand deposits |
| 78,833 |
|
|
|
|
| 77,744 |
|
|
|
|
| ||||
Other liabilities |
| 3,663 |
|
|
|
|
| 2,292 |
|
|
|
|
| ||||
Total noninterest-bearing liabilities |
| 82,496 |
|
|
|
|
| 80,036 |
|
|
|
|
| ||||
Shareholders’ equity |
| 39,259 |
|
|
|
|
| 37,125 |
|
|
|
|
| ||||
Total Liabilities and Shareholders’ Equity |
| $ | 590,566 |
|
|
|
|
| $ | 540,379 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net interest spread |
|
|
| 5,750 |
| 3.69 | % |
|
| 5,278 |
| 3.68 | % | ||||
Tax-equivalent basis adjustment |
|
|
| (13 | ) |
|
|
|
| (13 | ) |
|
| ||||
Net interest income |
|
|
| $ | 5,737 |
|
|
|
|
| $ | 5,265 |
|
|
| ||
Net interest margin |
|
|
|
|
| 4.12 | % |
|
|
|
| 4.12 | % | ||||
Unity Bancorp, Inc.
Consolidated Average Balance Sheets
with Resultant Interest and Rates
(Tax-equivalent basis, dollars in thousands)
|
| Three Months Ended |
| Three Months Ended |
| ||||||||||||
|
| Balance |
| Interest |
| Rate |
| Balance |
| Interest |
| Rate |
| ||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Federal funds sold and Interest-bearing deposits with banks |
| $ | 14,465 |
| $ | 108 |
| 2.96 | % | $ | 5,875 |
| $ | 28 |
| 1.90 | % |
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Available for sale |
| 74,803 |
| 795 |
| 4.25 |
| 87,019 |
| 896 |
| 4.12 |
| ||||
Held to maturity |
| 35,274 |
| 411 |
| 4.66 |
| 22,484 |
| 265 |
| 4.71 |
| ||||
Total securities |
| 110,077 |
| 1,206 |
| 4.38 |
| 109,503 |
| 1,161 |
| 4.24 |
| ||||
Loans, net of unearned discount: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
SBA |
| 79,540 |
| 1,784 |
| 8.97 |
| 64,104 |
| 1,121 |
| 6.99 |
| ||||
Commercial |
| 240,382 |
| 4,215 |
| 6.96 |
| 194,275 |
| 3,294 |
| 6.75 |
| ||||
Residential mortgage |
| 65,048 |
| 895 |
| 5.50 |
| 50,663 |
| 668 |
| 5.27 |
| ||||
Consumer |
| 48,305 |
| 690 |
| 5.67 |
| 40,067 |
| 464 |
| 4.61 |
| ||||
Total loans |
| 433,275 |
| 7,584 |
| 6.97 |
| 349,109 |
| 5,547 |
| 6.33 |
| ||||
Total interest-earning assets |
| 557,817 |
| 8,898 |
| 6.35 |
| 464,487 |
| 6,736 |
| 5.78 |
| ||||
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Cash and due from banks |
| 13,623 |
|
|
|
|
| 13,123 |
|
|
|
|
| ||||
Allowance for loan losses |
| (6,575 | ) |
|
|
|
| (5,803 | ) |
|
|
|
| ||||
Other assets |
| 25,701 |
|
|
|
|
| 16,165 |
|
|
|
|
| ||||
Total noninterest-earning assets |
| 32,749 |
|
|
|
|
| 23,485 |
|
|
|
|
| ||||
Total Assets |
| $ | 590,566 |
|
|
|
|
| 487,972 |
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-bearing demand deposits |
| $ | 147,124 |
|
| 655 |
| 1.77 |
| $ | 191,837 |
|
| 682 |
| 1.41 |
|
Savings deposits |
| 153,640 |
| 971 |
| 2.51 |
| 47,769 |
| 135 |
| 1.12 |
| ||||
Time deposits |
| 117,185 |
| 982 |
| 3.32 |
| 93,235 |
| 602 |
| 2.57 |
| ||||
Total interest-bearing deposits |
| 417,949 |
| 2,608 |
| 2.48 |
| 332,841 |
| 1,419 |
| 1.70 |
| ||||
Borrowed funds and subordinated debentures |
| 50,862 |
| 540 |
| 4.21 |
| 31,338 |
| 324 |
| 4.11 |
| ||||
Total interest-bearing liabilities |
| 468,811 |
| 3,148 |
| 2.66 |
| 364,179 |
| 1,743 |
| 1.90 |
| ||||
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Demand deposits |
| 78,833 |
|
|
|
|
| 89,916 |
|
|
|
|
| ||||
Other liabilities |
| 3,663 |
|
|
|
|
| 1,140 |
|
|
|
|
| ||||
Total noninterest-bearing liabilities |
| 82,496 |
|
|
|
|
| 91,056 |
|
|
|
|
| ||||
Shareholders’ equity |
| 39,259 |
|
|
|
|
| 32,737 |
|
|
|
|
| ||||
Total Liabilities and Shareholders’ Equity |
| $ | 590,566 |
|
|
|
|
| $ | 487,972 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net interest spread |
|
|
| 5,750 |
| 3.69 | % |
|
| 4,993 |
| 3.88 | % | ||||
Tax-equivalent basis adjustment |
|
|
| (13 | ) |
|
|
|
| (14 | ) |
|
| ||||
Net interest income |
|
|
| $ | 5,737 |
|
|
|
|
| $ | 4,979 |
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net interest margin |
|
|
|
|
| 4.12 | % |
|
|
|
| 4.30 | % | ||||
Unity Bancorp, Inc.
Consolidated Average Balance Sheets with Resultant Interest and Rates
(Tax-equivalent basis, dollars in thousands)
|
| Year to Date |
| Year to Date |
| ||||||||||||
|
| Balance |
| Interest |
| Rate |
| Balance |
| Interest |
| Rate |
| ||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Federal funds sold And Interest-bearing deposits with banks |
| $ | 13,788 |
| $ | 287 |
| 2.78 | % | $ | 16,779 |
| $ | 147 |
| 1.17 | % |
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Available for sale |
| 76,572 |
| 2,426 |
| 4.22 |
| 83,486 |
| 2,529 |
| 4.04 |
| ||||
Held to maturity |
| 29,207 |
| 1,033 |
| 4.72 |
| 15,748 |
| 598 |
| 5.06 |
| ||||
Total securities |
| 105,779 |
| 3,459 |
| 4.36 |
| 99,234 |
| 3,127 |
| 4.20 |
| ||||
Loans, net of unearned discount: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
SBA |
| 71,853 |
| 4,591 |
| 8.52 |
| 61,924 |
| 3,087 |
| 6.65 |
| ||||
Commercial |
| 223,982 |
| 11,617 |
| 6.93 |
| 188,928 |
| 9,470 |
| 6.70 |
| ||||
Residential mortgage |
| 62,030 |
| 2,502 |
| 5.38 |
| 49,646 |
| 2,014 |
| 5.41 |
| ||||
Consumer |
| 45,425 |
| 1,934 |
| 5.69 |
| 37,992 |
| 1,348 |
| 4.74 |
| ||||
Total loans |
| 403,290 |
| 20,644 |
| 6.84 |
| 338,490 |
| 15,919 |
| 6.28 |
| ||||
Total interest-Earning assets |
| 522,857 |
| 24,390 |
| 6.23 |
| 454,503 |
| 19,193 |
| 5.64 |
| ||||
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Cash and due from banks |
| 13,098 |
|
|
|
|
| 13,849 |
|
|
|
|
| ||||
Allowance for loan losses |
| (6,266 | ) |
|
|
|
| (5,655 | ) |
|
|
|
| ||||
Other assets |
| 24,034 |
|
|
|
|
| 15,100 |
|
|
|
|
| ||||
Total noninterest-earning assets |
| 30,866 |
|
|
|
|
| 23,294 |
|
|
|
|
| ||||
Total Assets |
| $ | 553,723 |
|
|
|
|
| 477,797 |
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-bearing demand deposits |
| $ | 153,396 |
|
| 1,901 |
| 1.66 |
| $ | 193,166 |
|
| 1,996 |
| 1.38 |
|
Savings deposits |
| 126,246 |
| 2,212 |
| 2.34 |
| 43,027 |
| 360 |
| 1.12 |
| ||||
Time deposits |
| 109,224 |
| 2,509 |
| 3.07 |
| 94,790 |
| 1,810 |
| 2.55 |
| ||||
Total interest-bearing deposits |
| 388,866 |
| 6,622 |
| 2.28 |
| 330,983 |
| 4,166 |
| 1.68 |
| ||||
Borrowed funds and subordinated debentures |
| 45,884 |
| 1,462 |
| 4.26 |
| 27,922 |
| 879 |
| 4.21 |
| ||||
Total interest-bearing liabilities |
| 434,750 |
| 8,084 |
| 2.49 |
| 358,905 |
| 5,045 |
| 1.88 |
| ||||
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Demand deposits |
| 78,593 |
|
|
|
|
| 85,489 |
|
|
|
|
| ||||
Other liabilities |
| 2,713 |
|
|
|
|
| 1,451 |
|
|
|
|
| ||||
Total noninterest-bearing liabilities |
| 81,306 |
|
|
|
|
| 86,940 |
|
|
|
|
| ||||
Shareholders’ equity |
| 37,667 |
|
|
|
|
| 31,952 |
|
|
|
|
| ||||
Total Liabilities and Shareholders’ Equity |
| $ | 553,723 |
|
|
|
|
| $ | 477,797 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net interest spread |
|
|
| 16,306 |
| 3.74 | % |
|
| 14,148 |
| 3.76 | % | ||||
Tax-equivalent basis adjustment |
|
|
| (39 | ) |
|
|
|
| (57 | ) |
|
| ||||
Net interest income |
|
|
| $ | 16,267 |
|
|
|
|
| $ | 14,091 |
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net interest margin |
|
|
|
|
| 4.16 | % |
|
|
|
| 4.15 | % | ||||
Unity Bancorp, Inc.
Allowance for Loan Losses and Loan Quality Schedules
(Dollars in thousands)
|
| 9/30/2005 |
| 6/30/2005 |
| 3/31/2005 |
| 12/31/2004 |
| 9/30/2004 |
| |||||
ALLOWANCE FOR LOAN LOSSES: |
|
|
|
|
|
|
|
|
|
|
| |||||
Balance, beginning |
| $ | 6,239 |
| $ | 5,942 |
| $ | 5,856 |
| $ | 5,726 |
| $ | 5,599 |
|
Provision charged to expense |
| 675 |
| 350 |
| 300 |
| 350 |
| 325 |
| |||||
|
| 6,914 |
| 6,292 |
| 6,156 |
| 6,076 |
| 5,924 |
| |||||
Less: Charge offs |
|
|
|
|
|
|
|
|
|
|
| |||||
SBA |
| 25 |
| 112 |
| 107 |
| 33 |
| 57 |
| |||||
Commercial |
| 87 |
| 30 |
| 165 |
| 220 |
| 150 |
| |||||
Residential mortgage |
| 275 |
| — |
| 24 |
| — |
| 18 |
| |||||
Consumer |
| 12 |
| 4 |
| 8 |
| 14 |
| 8 |
| |||||
Total Charge Offs |
| 399 |
| 146 |
| 304 |
| 267 |
| 233 |
| |||||
Add: Recoveries |
|
|
|
|
|
|
|
|
|
|
| |||||
SBA |
| 34 |
| 30 |
| 44 |
| 34 |
| 24 |
| |||||
Commercial |
| 8 |
| 7 |
| 45 |
| 10 |
| 5 |
| |||||
Residential mortgage |
| — |
| — |
| — |
| — |
| — |
| |||||
Consumer |
| 1 |
| 56 |
| 1 |
| 3 |
| 6 |
| |||||
Total Recoveries |
| 43 |
| 93 |
| 90 |
| 47 |
| 35 |
| |||||
Net Charge Offs |
| 356 |
| 53 |
| 214 |
| 220 |
| 198 |
| |||||
Balance, ending |
| $ | 6,558 |
| $ | 6,239 |
| $ | 5,942 |
| $ | 5,856 |
| $ | 5,726 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
LOAN QUALITY INFORMATION: |
|
|
|
|
|
|
|
|
|
|
| |||||
Nonperforming loans |
| $ | 5,555 |
| $ | 4,777 |
| $ | 2,974 |
| $ | 4,091 |
| $ | 4,075 |
|
Other real estate owned, net |
| 178 |
| — |
| 198 |
| 345 |
| 215 |
| |||||
Nonperforming assets |
| $ | 5,733 |
| $ | 4,777 |
| $ | 3,172 |
| $ | 4,436 |
| $ | 4,290 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Loans 90 days past due and still accruing |
| $ | — |
| $ | — |
| $ | 313 |
| $ | — |
| $ | 82 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Allowance for loan losses to: |
|
|
|
|
|
|
|
|
|
|
| |||||
Total loans at period end |
| 1.51 | % | 1.52 | % | 1.56 | % | 1.57 | % | 1.62 | % | |||||
Nonperforming loans |
| 118.06 |
| 130.60 |
| 199.80 |
| 143.14 |
| 140.52 |
| |||||
Nonperforming assets |
| 114.39 |
| 130.60 |
| 187.33 |
| 132.01 |
| 133.47 |
| |||||
Net charge offs to average loans (QTD) |
| 0.33 |
| 0.05 |
| 0.23 |
| 0.24 |
| 0.23 |
| |||||
Net charge offs to average loans (YTD) |
| 0.21 |
| 0.14 |
| 0.23 |
| 0.19 |
| 0.18 |
| |||||
Nonperforming loans to total loans |
| 1.28 |
| 1.16 |
| 0.78 |
| 1.10 |
| 1.15 |
| |||||
Nonperforming assets to total loans and OREO |
| 1.32 |
| 1.16 |
| 0.83 |
| 1.19 |
| 1.21 |
| |||||
Unity Bancorp, Inc.
Quarterly Financial Data
|
| 09/30/05 |
| 06/30/05 |
| 03/31/05 |
| 12/31/04 |
| 09/30/04 |
| |||||
SUMMARY OF INCOME (in thousands) : |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest income |
| $ | 8,885 |
| $ | 7,943 |
| $ | 7,523 |
| $ | 7,030 |
| $ | 6,722 |
|
Interest expense |
| 3,148 |
| 2,678 |
| 2,258 |
| 1,963 |
| 1,743 |
| |||||
Net interest income |
| 5,737 |
| 5,265 |
| 5,265 |
| 5,067 |
| 4,979 |
| |||||
Provision for loan losses |
| 675 |
| 350 |
| 300 |
| 350 |
| 325 |
| |||||
Net interest income after provision |
| 5,062 |
| 4,915 |
| 4,965 |
| 4,717 |
| 4,654 |
| |||||
Noninterest income |
| 2,132 |
| 2,195 |
| 1,791 |
| 1,868 |
| 1,985 |
| |||||
Noninterest expense |
| 4,582 |
| 4,642 |
| 4,648 |
| 4,452 |
| 4,356 |
| |||||
Income before income taxes |
| 2,612 |
| 2,468 |
| 2,108 |
| 2,133 |
| 2,283 |
| |||||
Federal and state income tax provision |
| 993 |
| 941 |
| 798 |
| 775 |
| 852 |
| |||||
Net Income |
| $ | 1,619 |
| $ | 1,527 |
| $ | 1,310 |
| $ | 1,358 |
| $ | 1,431 |
|
Net Income per Common Share: |
|
|
|
|
|
|
|
|
|
|
| |||||
Basic |
| $ | 0.26 |
| $ | 0.25 |
| $ | 0.22 |
| $ | 0.22 |
| $ | 0.24 |
|
Diluted |
| $ | 0.25 |
| $ | 0.24 |
| $ | 0.20 |
| $ | 0.21 |
| $ | 0.22 |
|
COMMON SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
| |||||
Cash dividends declared |
| $ | 0.05 |
| $ | 0.05 |
| $ | 0.04 |
| $ | 0.04 |
| $ | 0.04 |
|
Book value at quarter end |
| 6.46 |
| 6.29 |
| 5.96 |
| 5.91 |
| 5.68 |
| |||||
Market value at quarter end |
| 13.09 |
| 11.96 |
| 11.43 |
| 12.19 |
| 11.76 |
| |||||
Average common shares outstanding: (000’s) |
|
|
|
|
|
|
|
|
|
|
| |||||
Basic |
| 6,112 |
| 6,109 |
| 6,078 |
| 6,063 |
| 6,049 |
| |||||
Diluted |
| 6,426 |
| 6,423 |
| 6,422 |
| 6,433 |
| 6,432 |
| |||||
Common shares outstanding at period end (000’s) |
| 6,114 |
| 6,107 |
| 6,108 |
| 6,067 |
| 6,060 |
| |||||
OPERATING RATIOS: |
|
|
|
|
|
|
|
|
|
|
| |||||
Return on average assets |
| 1.09 | % | 1.13 | % | 1.03 | % | 1.08 | % | 1.17 | % | |||||
Return on average common equity |
| 16.36 |
| 16.50 |
| 14.63 |
| 15.53 |
| 17.39 |
| |||||
Efficiency ratio |
| 58.17 |
| 62.43 |
| 66.37 |
| 64.24 |
| 62.55 |
| |||||
BALANCE SHEET DATA (in thousands): |
|
|
|
|
|
|
|
|
|
|
| |||||
Assets |
| $ | 609,916 |
| $ | 577,507 |
| $ | 525,842 |
| $ | 515,417 |
| $ | 493,713 |
|
Deposits |
| 518,696 |
| 477,274 |
| 447,790 |
| 433,898 |
| 423,765 |
| |||||
Loans |
| 434,749 |
| 410,926 |
| 381,172 |
| 373,580 |
| 354,190 |
| |||||
Shareholders’ equity |
| 39,526 |
| 38,411 |
| 36,406 |
| 35,868 |
| 34,395 |
| |||||
Allowance for loan losses |
| 6,558 |
| 6,239 |
| 5,942 |
| 5,856 |
| 5,726 |
| |||||
TAX-EQUIVALENT YIELDS AND RATES: |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest-earning assets |
| 6.35 | % | 6.22 | % | 6.20 | % | 5.88 | % | 5.78 | % | |||||
Interest-bearing liabilities |
| 2.66 |
| 2.54 |
| 2.28 |
| 2.06 |
| 1.90 |
| |||||
Net interest spread |
| 3.69 |
| 3.68 |
| 3.92 |
| 3.82 |
| 3.88 |
| |||||
Net interest margin |
| 4.12 |
| 4.12 |
| 4.30 |
| 4.26 |
| 4.30 |
| |||||
CREDIT QUALITY: |
|
|
|
|
|
|
|
|
|
|
| |||||
Nonperforming assets (in thousands) |
| $ | 5,733 |
| $ | 4,777 |
| $ | 3,172 |
| $ | 4,436 |
| $ | 4,290 |
|
Allowance for loan losses to period-end loans |
| 1.51 |
| 1.52 |
| 1.56 |
| 1.57 |
| 1.62 |
| |||||
Net charge offs to average loans |
| 0.33 |
| 0.05 |
| 0.23 |
| 0.24 |
| 0.23 |
| |||||
Nonperforming assets to loans and OREO |
| 1.32 |
| 1.16 |
| 0.83 |
| 1.19 |
| 1.21 |
| |||||
CAPITAL AND OTHER: |
|
|
|
|
|
|
|
|
|
|
| |||||
Total equity to assets |
| 6.48 | % | 6.65 | % | 6.92 | % | 6.96 | % | 6.97 | % | |||||
Tier I capital to average assets(leverage) |
| 8.55 |
| 8.67 |
| 8.99 |
| 9.09 |
| 9.04 |
| |||||
Tier I capital to risk-adjusted assets |
| 10.40 |
| 10.65 |
| 11.18 |
| 11.14 |
| 11.44 |
| |||||
Total capital to risk-adjusted assets |
| 11.65 |
| 11.91 |
| 12.43 |
| 12.39 |
| 12.69 |
| |||||
Number of banking offices |
| 13 |
| 13 |
| 13 |
| 13 |
| 13 |
| |||||
Number of ATMs |
| 15 |
| 15 |
| 15 |
| 15 |
| 15 |
| |||||
Number of employees |
| 185 |
| 178 |
| 185 |
| 173 |
| 161 |
| |||||